Cannabis Operator Deep Roots Harvest Secures $30M From Chicago Atlantic To Expand Across Nevada

Zinger Key Points
  • Deep Roots has a standalone cultivation and processing facility in the Silver State, runs five dispensaries and plans to open one more.
  • Chicago Atlantic Admin acted as administrative agent on the funding of a $30 million senior secured credit facility for Deep Roots Holdings.

Chicago Atlantic Admin acted as administrative agent on the funding of a $30 million senior secured credit facility for Deep Roots Holdings, a vertically integrated cannabis operator in Nevada. Deep Roots Holdings has a standalone cultivation and processing facility in the Silver State, runs five dispensaries and plans to open one more in Dec. 2024.

"Deep Roots is a company to watch in 2025, and it's our pleasure to take a front-row seat and support their growing investment portfolio," stated David Kite, managing partner at Chicago Atlantic. "Their team has shown operational expertise at every level, exceptional business acumen and a strong balance sheet – We couldn't be more excited to partner with them."

The capital provided by Chicago Atlantic, on behalf of its affiliated investment funds, will support Deep Roots Harvest's expansion as it takes on additional retail and cultivation assets across Nevada. In October 2024, Deep Roots Harvest acquired most of the assets of Nevada cannabis operator The Source Holdings, LLC, including four retail operations, two provisional retail licenses and one operating facility for cultivation.

Read Also: South Dakota Rejects Measure 29: Cannabis Legalization Fails Again

Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.

The successful move positions Deep Roots to operate 12 total dispensaries and establishes them as the market share leader in Nevada.

Keith Capurro, CEO of Deep Roots Harvest, said the company will continue its strategic growth in 2025 and beyond.

"Chicago Atlantic has quickly proven themselves as a valuable partner as we continue to invest across our portfolio of businesses," said Capurro. "With a larger balance sheet and meaningful additional borrowing capacity, we are well positioned to execute on our broader strategy."

Read Next:

Photo: Courtesy of Deep Roots Harvest via Business Wire

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis is evolving – don’t get left behind!

Curious about what’s next for the industry and how to leverage California’s unique market?

Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!

Get your tickets now to secure your spot and avoid last-minute price hikes.